Comments on: Could Google Become the Leading Reverse Mortgage Lead Provider?

By: Anonymous

Anonymous — Wed, 04 Nov 2009 16:21:00 +0000

Not much of a business model with a 4 file pipeline? Which means you are closing 2-3 a month. I would be thinking about leaving the industry if I were closing 2-3 per month let alone at a 2500 origination fee. I would say when most businesses think of profitablity its certainly different than yours. rn

By: 2545

2545 — Wed, 04 Nov 2009 14:21:55 +0000

By: rainmand

rainmand — Tue, 03 Nov 2009 15:53:09 +0000

I've helped lots and lots of Seniors with my business model, and they end up with more cash from me, compared to others, so both I and the homeowner benefit. How can I be destroying the industry when my method results in increased benefits to consumers?

My overhead is lower then yours, so I can do things others can't. You can offer $2,500.00 too, but you won't be able to keep the lights on unless you change your business model.

If you go away, I'll still be there to help the Seniors you would have helped, so it still works out well for the Consumer. It may sound harsh, but I'd love to see my competition go away.

I try to maintain a pipeline of 4 files, so my model isn't that painful for my competition. Be glad I'm not like most of my competition ... they laugh at my small pipeline.

By: 2545

2545 — Tue, 03 Nov 2009 15:24:39 +0000

rainmand,
why don't you use your skills to get loans instead of simply lowering your fees? Let the best man/woman win the business. Its a shame those like you are destroying our program, profit and industry. It took many years to make this a profitable business. You could just go work for a non-profit organization? Anyone could lower their fees to $2500? Sounds like you believe nobody else can do the same? The rest of us are trying to uphold the standard so we can make a living and therefore help more seniors.

By: rainmand

rainmand — Tue, 03 Nov 2009 14:55:42 +0000

>>Hopefully it doesn't come down to seeing who can offer the lowest origination fees.

I'm hoping it does – it compliments my model and will make it extremely difficult to compete with me. A $2,500.00 origination fee can only be good for Seniors.

By: The_Critic

The_Critic — Mon, 02 Nov 2009 21:54:13 +0000

My bad. I should have been more specific and said if that will be part of the reverse mortgage layout. I am afraid it will be and your conclusion is too close to right on.

By: 2545

2545 — Mon, 02 Nov 2009 20:44:39 +0000

The critic,

If you look closely at the sample above it does show lender fees. Although, hopefully we don't all lower our fees to 2K in order to earn business. Otherwise, we will all be out of business.

By: 2545

2545 — Mon, 02 Nov 2009 20:41:47 +0000

The Critic,

If you look at the above sample it does show lender fees. Hopefully it doesn't come down to seeing who can offer the lowest origination fees. Otherwise, in short time we will all be out of business.